After graduating with a Bachelor of Science (BSc) from the University of Melbourne, (Sir) Wilfrid Russell Grimwade went to England to observe new advances in chemistry. On his return he joined his family run firm of Felton, Grimwade & Co as director of the newly established research laboratory. Grimwade was made a partner of the in 1907 and in 1929 the firm amalgamated with Duerdin & Sainsbury to become Felton Grimwade and Duerdins Pty Ltd (later known as Drug Houses of Australia (Victoria) Pty Ltd).

Grimwade was also a keen botanist, especially of the eucalypts and was the Official Botanical Adviser to the Army Department during World War II. When drugs were in short supply during this period, he grew and processed a number of important plant sources at his country home "Westerfield" in Victoria; he also developed a process for extracting fixed oil from apricot kernels to replace olive oil and manufactured hyoscine.

A generous philanthropist, Grimwade gave £50,000 to the University of Melbourne towards the building of the Russell Grimwade School of Biochemistry; £20,000 to the Commonwealth Forestry and Timber Bureau (£5,000 in 1929 and £15,000 in 1954) for the Russell Grimwade Prize for "the encouragement of scientific forestry"; £10,000 to equip the Forest Products Laboratory in Victoria; and in 1934 donated Captain Cook's Cottage to the Fitzroy Gardens and the people of Melbourne.

Sir Wilfrid Grimwade was also heavily involved in many societies and organisations including being President of the Society of Chemical Industry of Victoria in 1909 and 1910, Chairman of the Australian Chemical Institute (1946-47), Chairman of the Trustees of the National Museum of Victoria; President of the Australian Forest League, Fellow of the Royal Australian Chemical Institute; and a member of the advisory committee for the Botanic Gardens. He is commemorated by the Russell Grimwade Lecture of the Royal Australian Chemical Institute.